Rather than forming new habits, now might be a time to revisit your finances and double check that everything is in order. Our bills can change and we don’t always have control of that, but it’s worth keeping track of them as little increases or decreases can soon add up. Are you spending the same on your weekly shop? Has the price of fuel changed? Are you still making use of your subscriptions? As our lifestyles change, so do our outgoings.
As well as personal factors, the financial world of saving is constantly changing too. Different savings products enter the market, interest rates fluctuate and products that you took out in the past may be nearing an end, or may no longer be appropriate for you or your financial objectives.
Did you know that 31% of UK adults never compare the interest rate on their savings accounts to others available?* It’s important to keep track of your savings and ensure that your savings products meet your needs. That could be an instant access account for household emergencies, or a longer-term savings product for the children.
At the same time as reviewing your current needs, it might be that your outlook has changed alongside family matters. What was once a priority a few years ago may be different today. Has your life altered in a way that makes your wants and needs different? Does your family situation require a new vehicle? Are you looking to upsize or downsize your home? Are the kids heading off to University?
If you are a regular saver, something that might be worth considering is whether you are making the most of your ISA allowance. This allowance is the maximum amount that can be saved and invested during a tax year. Your ISA allowance refreshes each year, allowing you to save or invest further funds into an ISA account. For the tax year 2024/25, the ISA allowance is £20,000 and for Junior ISAs, the allowance is £9,000.**
If you would like to speak to a member of our team about your savings then we’d be happy to help. With a real person only a phone call away and branches on our local high streets, we look forward to assisting with your savings the next time you need us.
* UK Savings Week Stats. Research was conducted by Opinium 24-28 May 2024. The sample size was 2,000 UK adults. uksavingsweek.co.uk
**ISA allowance subject to change. Terms & Conditions apply.